Back-to-School Sales Projected to Rise for First Time Since 2007
Two key industry groups, the International Council of Shopping Centers (ICSC) and the National Retail Federation (NRF), are projecting a strong back-to-school season for the nation's retailers. Solid sales increases during this crucial period, second only to the holiday season in sales volume, would be the first increases since 2007, before the worst impacts of the recession began to be felt.
The ICSC is forecasting a 5.4% rise in sales for the back-to-school season, which typically runs from mid-July to mid-September. If sales make this strong a showing, 2010 would be the best year since 2005, when sales rose 6.4%.
The NRF's 2010 Consumer Intentions and Actions Back to School Survey, conducted by BIGresearch, found that the average American family will spend $606.40 on clothes, shoes, supplies and electronics, compared to $548.72 last year and close to the $594.24 spent in 2008. Spending on school-aged children in grades K-12 is expected to reach $21.35 billion. When spending on college-aged students is added in, the back-to-school total reaches $55.12 billion.
The ICSC is forecasting a 5.4% rise in sales for the back-to-school season, which typically runs from mid-July to mid-September. If sales make this strong a showing, 2010 would be the best year since 2005, when sales rose 6.4%.
The NRF's 2010 Consumer Intentions and Actions Back to School Survey, conducted by BIGresearch, found that the average American family will spend $606.40 on clothes, shoes, supplies and electronics, compared to $548.72 last year and close to the $594.24 spent in 2008. Spending on school-aged children in grades K-12 is expected to reach $21.35 billion. When spending on college-aged students is added in, the back-to-school total reaches $55.12 billion.